ft «« CHESTER & TAMAROA 

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WIT II A 


GEOLOGICAL REPORT 


OF ITS 


Resources and Prospective Business. 

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CINCINNATI: 


BRADLEY & TOWER, STATIONERS AND PRINTERS, 149 MAIN STREET. 







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THE CHESTER AND TAMAROA COAL AND 
RAILROAD COMPANY . 

The Chester and Tamaroa Coal and Railroad Company was 
chartered by special act of the General Assembly of the State of 
Illinois, approved March 4th, 1869, entitled “an Act to incorpo¬ 
rate the Chester and Tamaroa Coal and Railroad Company,” with 
full power and authority to build, equip and maintain a railroad 
from the Mississippi River at Chester, in the county of Randolph, 
easterly on the most eligible route via Pinckneyville, in Perry 
county, to Tamaroa, in Perry county, a station on the Illinois 
Central Railroad. [For the entire act of incorporation, see Ap¬ 
pendix.] t , , > 

In offering to the public for investment the kwwks issued by 
counties and towns in aid of the construction of this road, and the 
first mortgage bonds of the road itself, it is proper to present a 
statement concerning the road, its location, the resources of the 
country it traverses, and its prospective business, together with 
the security of both classes of bonds as an investment. 

TOPOGRAPHY AND RESOURCES . 

We present herewith a report of the route, and the mineral and 
agricultural resources of the country traversed by it, made by Col. 
J. W. Foster, L. L. D., an eminent geologist of large experience 
and most extensive acquaintance. His report is made after a careful 
survey and examination of the territory, and his high character is 
the surest guaranty of its reliability and accuracy. 

Especial attention is invited to his remarks relative to the char¬ 
acter and extent of the coal field, .its proximity to a reliable water 
line, the character of the landing at Chester, and the demand for coal 
at that point. Also to the proximity of the celebrated Iron Moun¬ 
tain mines in Missouri, and the facility with which the iron can 
be brought to meet the coal at Chester. 


45 


aiptif 

UPON THE GOAL FIELD, 

ADJACENT TO THE LINE 

OF THE 

CHESTER & TAMAROA RAILROAD, 

By J. W. FOSTER, LL. D. 


The construction of the Chester and Tamaroa Railroad, extend¬ 
ing through the two counties of Randolph and Perry, in the State 
of Illinois, and forming a direct connection with the Illinois Cen¬ 
tral Railroad on the one hand, and the Mississippi River on the 
other, is destined to develop what I regard as the most valuable 
portion of the Illinois coal field, and will enable the products of this 
field successfully to compete in the markets of the South and West 
with the existing sources of supply. 

TOPOGRAPHY. 

It is well known that the Mississippi River flows through an 
alluvial valley not less than ten miles in width, and expanding 
even to seventy miles. This valley is lined with bluffs, which 
attain an elevation of at least two hundred and fifty feet. The 
immediate current sways to and fro, at rare intervals impinging 
on these bluffs; and wherever these conditions occur there is deep 
water and a practicable landing. While the volume of water dis¬ 
charged by this stream is vast, it is subject to great fluctuations. 
The purely alluvial portions of the valley each year are submerged, 




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[ 6 ] 

and it is only on the bluffs that eligible sites for towns can be ob¬ 
tained. Hence, in inspecting a map of the river, the observer is 
struck with the paucity of towns which line its banks. In this 
respect it exhibits a far different regimen from that of the Hudson, 
the St. Lawrence, the Connecticut, and other rivers of the seaboard 
states. The Chester bluffs offer about the only point on the Illi¬ 
nois shore, between St. Louis and Cairo, where the river may be ap¬ 
proached without passing over a very considerable interval of land 
not subject to overflow. These bluffs are rock-bedded, and rise 
with a gradual slope to the height of two hundred and seventy-five 
feet, and the depth of the channel at the base, in an ordinary stage 
of water, is forty feet. To those acquainted with the navigation 
of this river and its extreme fluctuations, these advantages need 
not be specially commended. 

Attaining to the summit of the bluffs, the country spreads out 
into broad table lands, so that communication can be effected be¬ 
tween distant points by following a nearly air line. High grades 
or abrupt curves are not needed. The St. Mary’s river affords a 
practicable route for making the descent from the high grounds to 
the river landing. 

The face of the country is alternate timber and prairie. The 
predominating growth of the uplands is oak, with hickory, maple, 
linden, black gum, black ash, etc., while upon the bottom lands 
occur sycamore, black walnut, cottonwood, hackberry, pecan, bur- 
oak, etc. Ties, for railroad use, ought to be procured at a price 
little above the cost of cutting and hewing into shape. 

The bottoms afford the finest corn lands in the world, while its 
uplands are admirably adapted to the culture of winter wheat. 
The flour manufactured at Chester, derived from this region, com¬ 
mands the highest market price. At an early day in the history 
of Illinois, the Scotch-Irish made a settlement in this region, which 
they have developed into well-tilled farms. 

The last census of the United States shows the prodigious strides 
which this State has made in population and material wealth. 
The annual reports of the principal railroads traversing the State, 
show that from eighty-six to ninety per cent, of their earnings are 
derived from local freights. Now, where is a region which, apart 
from mineral resources, is as desirable in soil and climate as the 


47 


[ 7 ] 

most favorable portions of Illinois ? but which, being outside of the 
great lines of communication has not had the advantages of rail¬ 
road facilities. Its farm products alone are ample to maintain a 
railroad. 


GEOLOGY. 

While two-thirds of the State of Illinois are underlaid by the 
Coal Measures, at no point do the productive seams approach the 
great navigable streams—the Ohio and Mississippi* To make 
them available, artificial communications must be constructed into 
the interior. 

At Chester we have a series of limestones, shales and even sand¬ 
stones, forming an assemblage of rocks beneath the Coal Measures, 
which have been classified as “the Chester groups.” These rocks, 
ranging in a north-west and south-east direction, occupy about 
one-third of the county of Randolph. Above these, come in the 
productive Coal Measures which, while occupying the remaining 
portion of the county, underlie the whole of Perry county. The 
western line of the Coal Measures would strike the western part 
of T. 7 S. R. 5 W., and thence wending north-west, pass through 
the eastern part of T. 4 K R. 7 W. The dip of the strata is to 
the north-east, at a very moderate angle, say ten feet to the mile. 
In the assemblage of sandstones, shales, and limestones, making up 
the series, are to be included not less than three seams of workable 
coal, varying from three to seven feet in thickness. Not less than 
twenty-three borings have been made through the series of strata 
in Randolph and Perry counties, to determine the character and 
continuity of these seams, and the following, I think, may be as¬ 
sumed as a just statement of their thickness- 


STRATA. 




No. 


Feet. 


SECTION OF THE STRATA. 


1 


2 


3 


20 


8 


Earth and red clay. 


Limestone. 
Black shale. 



Coal, of excellent quality. 

Fire-clay. 

Black shale. 

Limestone. 

Black shale. 

Coal, firm and of excellent quality. 
Fire-clay. 

Limestone. 

Black shale. 

Coal, firm and of excellent quality. 
Fire-clay. 


Feet, 119. 


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[ 9 ] 

We thus have adjacent to this line and at accessible depth, not 
less than three seams of coal of more than ordinary thickness and 
of a very good quality. It is not necessary to dilate upon the 
vast amount of fossil fuel here treasured up for the wants and con¬ 
veniences of man. Suffice it to say, that, mining at the rate of a 
thousand tons a day for a thousand years, the supply would still 
be abundant. 


COAL SEAMS OF RANDOLPH COUNTY. 

The upper seam of coal, as will be seen by the foregoing section, 
is overlaid, at no great distance, by a bed of limestone eight feet 
in thickness. This limestone is of a bluish color, is of sufficient 
purity to burn with quicklime, and of sufficient durability to 
yield a good material for construction; and, at the same time, it 
affords one of the best roofs that I have ever seen in a coal mine, 
being impervious to water and having the strength to hold up the 
incumbent materials. Its under surface is as smooth as the 
plastering of a house-ceiling, and upon it atmospheric agents have 
no effect. Sometimes the coal comes in immediate contact with 
the limestone, but at others there is interposed a layer of black 
slate. Along the line of the proposed railroad the detrital mate¬ 
rials resting on the limestone attain no great thickness. At Jones’ 
bank (S. 14 T 6 R. 5), they are only nineteen feet thick, and on 
Mary’s River the coal emerges to the surface, and also four miles 
south of Georgetown, on Cox’s Creek. 

In the vicinity of Sparta (Boyd’s bank), the superficial materials 
are only twenty feet thick, but a mile and one-half to the north¬ 
east the coal is reached by a shaft forty feet deep. It will thus be 
seen that over two-thirds of this county, at a very moderate depth, 
there lies a coal seam whose average thickness is in excess of six 
feet. At Jones’ Shaft, where I selected specimens for assay, it is 
seven feet five inches in thickness. Instead of being a uniform 
mass, it is divided into five distinct layers, separated by thin part¬ 
ings of shale from one-fourth to one half an inch in thickness, 
and this character was seen at every opening which I examined. 
Each layer of coal, too, differs in external character and chemical 
composition. 

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The following is a section of the seam : 


Layer No. 1, (Blacksmith).20 inches. 

“ 2, (Peacock).14 “ 

“ 3, (Middle)...21 “ 

“ 4, (Block).18 “ 

“ 5, (Bottom).10 “ 

Total thickness, 7 feet 5 inches.89 “ 


CHEMICAL COMPOSITION . 

Dr. Blaney, President of the Rush Medical College of Chicago, 
at my request, has subjected these several layers of coal to analysis, 
to determine—1, the amount of hygrometric moisture present, 
which is expelled only at the expense of the fixed carbon ; 2, the 
amount of volatile combustible matter which, as it ordinarily goes 
off in the form of vapor and smoke, is of little economical value ; 
3, the amount of fixed carbon, by which to judge of its heating or 
evaporative power, and 4, its impurities, as indicated by the 
amount and character of the ash. 

I selected samples from each layer which individually possesses 
great uniformity, in order to test their comparative merits They 
were first subjected to a temperature of 160°, in order to expel such 
an amount of moisture as would naturally be thrown off by the 
process of seasoning under shelter. They were then weighed and 
subjected to a temperature of 300°, in order to expel the hygro¬ 
metric moisture, and again weighed. The results of the quantita¬ 
tive analysis are as follows : 


No. 1., 

Water at 300°. 
.6.310 

Fixed Carbon. 
62.753 

Vol. Matter. 
28.687 

Ash. 

2.250 

Color of Ash. 

White and flocculent 

No. 2.. 

.7.500 

50.000 

40.625 

1.875 

do. do 

No. 3.. 

.9.250 

46.688 

29,500 

5.312 

Faint lavender. 

No. 4.. 

.6.225 

61.575 

26.500 

5.300 

Pure white. 

No. 5.. 

,...8.475 

56.245 

25.280 

10 000 

Faint shade of brown. 


In examining these assays, it may be said that, so far as relates 
to layers Nos. 1 and 4, they compare favorably with those of 
the very best dry coals to be found in the United States, except, 
perhaps, in the matter of water, which apparently is in excess; 
but for the purposes of comparison, I subjected well-seasoned 












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specimens of Ormsby and Youghiogheny coals to the same pro¬ 
cess (300° of temperature, and continued until no further loss was 
appreciable), and the result was that, in the first instance, I ob¬ 
tained four per cent.; and in the second five per cent, of water. 
The pure white and flocculent ash which characterizes these layers, 
with the exception of No. 5, indicates the absence of sulphur and 
iron; and in layers Nos. 1 and 4, there is sufficient fixed carbon 
to reduce the iron ores. Thirty-eight inches, then, of this seam, 
it is believed, may be pronounced iron-making coal. 

No. 2 (14 inches) is rich in gas-making materials, and is char¬ 
acterized by its small amount of ash, and its freedom from 
sulphur. 

Nos. 3 and 5 (38 inches) will serve very well for steam and 
domestic uses. 

The joints of the coal are occasionally filled with a white in¬ 
crustation which, I find, consists of carbonate of lime, sulphate 
of lime, sulphuret of iron, with traces of silica and magnesia ; 
but the actual amount of sulphur, the injurious ingredient in the 
ash is less than five per cent., which, in reference to the mass of 
coal, would be inappreciable. 

The other materials, lime, silica, magnesia, etc., are in no re¬ 
spects deleterious, whether employed for gas, steam, or domestic 
purposes, or for the reduction of iron. 

No. 5 is quite impure, and is only fit for ordinary purposes. 

Mechanical Textures .—The top layer, while readily cleaving 
among the lines of lamination, on cross-fracture, breaks into 
angular fragments. It is known as “ blacksmith coal,” for which 
purpose it is employed in the neighborhood. 

The second layer exhibits an irridescent surface, both on long¬ 
itudinal and cross-fracture—a peculiarity which I have rarely 
noticed in bituminous coals—and hence may be designated as 
“ peacock coal.” 

The middle layer is more tender, and breaks into smaller me¬ 
chanical divisions. 

The fourth layer comes out in large quadrangular blocks, and 
is known as “ block coal.” 

The fifth layer, while firm, and breaking into angular blocks, 
on cross-fracture is less brilliant, indicating a greater amount of 
impurities. 


[12J 

All of these layers, except, perhaps, the third, have sufficient 
strength and firmness to sustain the burden of a furnace; in com¬ 
bustion they maintain their form, so as to permit the air to circu¬ 
late freely through their interstices, and yield little or no clinker. 
Mr. Cole, of Chester, informed me that grate-bars placed in his 
furnace, in 1862, in which this coal was burned, were at this time 
without warp or corrosion. 

A barge load of this coal, from layers Nos. 1 and 4, was 
shipped to Carondolet, where it was tested with entire success in 
a blast furnace. 

The Big Muddy coal, which corresponds to the lowest seam in 
the Randolph county section, has been for several years employed 
for iron-smelting, being mixed, however, with one-third coke, 
producing an iron which commands the highest market price. Its 
chemical composition, as shown by the assay of Mr. Bridgham, 
of the school of mines, of New York, does not indicate any su¬ 
periority over the iron-smelting layers of the Randolph coal: 


ASSAY OF THE BIG MUDDY COAL . 


Water at BOO 0 . 3,620 

Volatile matter. 33,581 

Fixed carbon. 60,492 

Sulphur. .858 

Ash, (white). 1,497 


100.00 


Since it has been demonstrated that the Big Muddy coal was 
adapted to iron-smelting; not less than nine furnaces have been 
erected in the vicinity of St. Louis, which look to this source for 
their supply of fuel. In supplying the existing demand as well 
as that which must be created with the rapid development of the 
iron resources of Missouri, it is confidently believed that the Ran¬ 
dolph coal can successfully compete. 

Other Seams .—About twenty-six feet below the seam above 
described, occurs another seam of workable thickness. I only 
saw it cropping out at one point, Stanway’s bank, where it is four 
feet five inches in thickness. The coal itself is quite as firm as 
that of the upper seam, but contains more sulphur, and I should 
infer more earthy matter. The presence of these ingredients, 
together with the diminished thickness, renders it less valuable 








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than the upper seam; and, therefore, I did not deem it necessary 
to select specimens for assay. This is, perhaps, an abnormal 
thickness, for at other points, it only reaches three, or three and 
one-half feet. 

Thirty-three feet below, or about one hundred and nineteen 
feet from the surface, as indicated by numerous boreings, occurs 
a third seam six and one-half feet thick, and, singular as it may 
seem, it has not been observed anywhere in the county cropping 
out at the surface. It is, undoubtedly, the equivalent of the 
Big Muddy seam, but unlike that seam which is separated by a 
clay parting ten inches in thickness, expanding to several feet, as 
traced from the present mining site, it appears here to be of uni¬ 
form texture. Its out-crop, which ought to be near the immedi¬ 
ate bluffs of the Mississippi, is evidently concealed by the heavy 
deposits of Loess. 

COAL SEAMS OF FERRY COUNTY. 

As far back as 1856, my attention was called to the coals of this 
county, and my observations were published in a report on “ The 
Mineral Resources of the Illinois Central Railroad.” Since then, 
what is known as the Du Quoin seam, has been penetrated at 
many points, and has furnished a vast amount of fuel, not only 
for domestic purposes, but for propelling locomotives. It is a 
good, strong, generous coal, some of which even finds its way to 
the Chicago market. To the Illinois Central Railroad Company 
it has proved a mine of wealth, in 'giving them cheap fuel, to 
operate their locomotives over a very considerable portion of their 
far-stretching line. The seam at Du Quoin is six feet ten inches 
thick, and is eighty-two feet below the surface. The superficial 
materials, yellow-clay, clean sand, and blue clay, are twenty-four 
feet in thickness, while the bed-rock, fifty-eight feet, consists of 
alternations of limestones, shales, and fire-clays. The dip of the 
strata here is westerly, at the rate of forty feet to the mile, a devi¬ 
ation from the general inclination of the rocks in this part of the 
State. The seam is pretty uniform throughout. The coal is tho¬ 
roughly compacted, comes out in large cuboidal blocks, has no 
great amount of crock, and in lustre is jet-black. The septfe of 


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the joints are occasionally filled with calc-spar, and the evidences 
of sulphur are not wanting in the form of the bi-sulphuret of iron. 
An assay of this coal made at that time gave, 

Water. 7.00 

Volatile matter. 28.20 

Fixed carbon. G1.20 

Ash.. 3.20 100.00 

Whether the Du Quoin seam is identical with the upper seam in 
the Chester series, is a matter of doubt; but in an economical 
report I need not pause to discuss the question, when it is known 
that, over a very considerable area of this county, it can be pene¬ 
trated at no great depth, and is so persistently developed as to 
afford no data for calculating the time of its exhaustion. 

At Pinkneyville the Du Quoin seam is worked and is found to 
be six feet thick. Below this point, at Beaucoup Creek, this seam 
crops out, and several openings have been made in it. The drab- 
colored limestone which overlies this seam about thirty feet and 
forms a reliable guide in exploring for it, is seen cropping out in 
many places in the southern part of the county; but so slight is 
the ‘demand for coal remote from railway communication, that no 
effort has been made to open mines. 


COAL MARKETS. 

The first coal seam to be developed by this railway is distant 
fifteen miles from Chester, and thence all the way to Tamaroa coal 
may be reached by shafts of no great depth. 

The demand for coal on the Mississippi and its tributaries seems 
almost unlimited. Three million tons, mined mainly in the vicinity 
of Pittsburgh, pass down the Ohio River annually on their way to 
the southern markets. There is a virtual suspension of navigation 
on the Upper Ohio, so far as relates to coal barges, from June to 
November, by reason of low water; and for two months the river 
is closed by ice. This condition of affairs is attended with serious 
inconvenience, both to the proprietors of the mines and of the coal 
yards, for the one class must carry on his operations for months 
without getting any returns, and the other must hold a stock during 
the season when there is little demand for coal. 






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[ 15 ] 

The advantages of the Randolph coal field over that of Pitts¬ 
burgh, are these : It is a thousand miles nearer the Southern mar¬ 
ket, the navigation of the Lower Mississippi is never suspended 
either by reason of low water or floating ice, the coal dealer can 
regulate his business by the law of supply and demand, and withal 
can furnish a coal equally good, whether for steam or domestic 
purposes. 

The nine furnaces in the vicinity of St. Louis, annually consume 
over one hundred thousand tons of coal of a peculiar quality, and 
at present it is derived from a single source. In addition to this, 
the city of St. Louis probably requires nearly a million tons of ordi¬ 
nary coal for steam and domestic purposes. These coals are de¬ 
rived from Belleville, Alton, the Illinois River, and the isolated 
beds in the vicinity of the city; but they are of an inferior 
quality, and fail to command by fifty per cent, the price of the 
Big Muddy coal. 

There is another great source of consumption, and that is the 
steamers navigating the Mississippi. It is estimated that twenty 
steamers pass Chester each day, and if each were to take on at this 
point a two days’ supply of fuel, say fifty tons, it would create a 
daily demand of one thousand tons. This would require four 
trains a day over the road of twenty-five cars each, and Chester 
would become the first coaling station below St. Louis, and the 
only point on the Lower Mississippi, with the exception of Grand 
Tower, where coal is delivered on the river bank without tranship¬ 
ment. 

These facts, I think, show that the opening of this route will 
enable the Chester and Tamaroa coals to successfully compete with 
the existing sources of supply in the great marts of the Mississippi 
Valley. 

PROXIMITY OF THE IRON ORES . 

The Iron Mountain of Missouri, in an air line, is less than fifty 
miles distant from Chester. Through the Iron Mountain Rail¬ 
road the ores may be delivered about fifty miles above and about 
the same distance below Chester; but measures are in progress by 
which they will be carried to the river bank by the shortest route, 
and delivered at a point nearly opposite the terminus of this road. 


]\ T ow, it is well known that, by reason of their richness and 
purity, the specular iron ores of Lake Superior and Missouri are 
the most highly esteemed of all the iron ores in the country, and 
the annual product of pig metal, derived from these two sources, 
is in excess of the whole product of the United States in 1850. 
The universal experience of ironmasters throughout the Lake region 
and the Mississippi Valley is, that it is better to transport these 
ores to the fuel, than to rely upon the impure carbonates of the 
Coal Measures; and hence these ores, in many instances, are 
smelted twelve hundred miles from where they are mined. The 
annual product of the Lake Superior mines is in excess of seven 
hundred and fifty thousand tons, while that of the Iron Mountain 
region reaches nearly three hundred thousand tons. Between the 
ores of the two regions, so far as relate to the richness and freedom 
from deleterious ingredients, such as sulphur and phosphorus, no 
discrimination is to be made, They give about sixty-five per cent, 
pig iron in the blast furnace, but in order that they may not flow in a 
pasty condition they are mixed with more earthy ores so as to 
reduce the yield of the charge to about forty-eight per cent. 
The furnaces in operation at Carondolet, and the high character 
which their products maintain in the iron market, demonstrate the 
fact that here exist facilities for effecting a union between the 
coal and iron as cheaply as at any other point in the United 
States. It should be borne in mind, too, that this union is effected 
on the borders of a river which, with its tributaries, affords not 
less than nine thousand miles of internal navigation, at a cost ten 
times cheaper than any railway communication; and hence, the 
facilities for sending the products of these furnaces to the markets 
of the West are unrivalled. 

The brown hsematites, which are most highly esteemed for ad¬ 
mixture with the specular ores, occur in the region south of the 
Iron Mountain; also in Franklin county, and at Birmingham, 
thirty miles south of Chester. It is said too—but I cannot verify 
it by personal observation—that these ores occur on the west bank 
of the river twelve miles distant from Chester, and on the pro¬ 
jected route to the Iron Mountain. 

The Chester limestone affords as good a flux as could be desired, 
and ought to be delivered at the furnace at less than a dollar 
ton. 


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[ 17 ] 

The facts here presented show conclusively, I think, that the 
construction of the Chester and Tamaroa Railroad will open up a 
valuable coal field from which large supplies will be drawn for the 
Southern market, and at the same time, it will communicate a 
prodigious impulse to the iron manufacture of the Mississippi 
Valley. J. W. FOSTER. 

A company is now organized and at work opening coal mines 
on the line of the road, with ample capital and under the manage¬ 
ment of men of large experience in coal mining. There is no 
doubt whatever that by the time the western one-half of the road 
is completed, the coal business will be in such a condition as to 
guaranty a paying business at once. 


THE SURFACE BUSINESS . 

By the census of 1870, Perry county had a population of 13,723. 
The products of the county, including agriculture and manufac¬ 
tures, amounted to $1,555,193, of which $330,240 was coal and 
$131,555 was flour. The real and personal property was valued 
at $7,536,748. 

Randolph county by the census of 1870, had a population of 
20,859. Her agricultural and manufactured products amounted to 
$4,146,167, of which $1,422,136 was flour. The real and personal 
property of the county was valued at $13,831,636. 

The city of Chester produced, in 1868, manufactured articles 
valued at $626,240, of which $490,000 was flour. 

In 1869, the two counties of Randolph and Perry produced 
1,379,568 bushels of wheat, 894,526 bushels of corn, and $1,672,441 
worth of live stock, a large portion of which was exported. 

These two counties have an area of 465,442 acres, of which 
234,398 acres are improved and being brought under cultivation. 
The entire area is capable of the highest culture, and produces 
winter wheat of the very finest quality, together with all other agri¬ 
cultural products peculiar to that climate. As a fruit-growing 
region it has few superiors, and the fruit crop seldom suffers by 
spring frosts, or the insect pests which prove so destructive in 
other localities, 
c 


COUNTY AND CITY BONDS. 

There lmve been issued in aid of the construction of the road, 


bonds, as follows: 

Tamaroa, 7 per cent. 5-20s.$25,000 

Perry county, 7 per cent, 20 years..100,000 

Chester city, 5-20s, 7 per cent. 75,000 

Randolph county, 10 years, 8 per cent.100,000 

Finckneyville, Perry county, 20 years, 7 per cent. 15,000 


$315,000 

These bonds are duly authorized by the proper authorities, upon 
a vote of the counties and towns, in accordance with the Illinois 
statutes. The peculiarities of the Illinois laws with reference to 
county and city lands, are such as to render them equal to State 
bonds for security and the general character of the investment. In 
fact, they become practically a State security, because, 

First .—The Auditor of Public Accounts must levy a sufficient tax to 
pay all interest, principal and cost of disbursements. 

Second .—The County Clerk, of the proper county, upon receipt of 
the levy, must extend the taxes so as to collect the necessary amount. 

Third .—The Collector of the State Revenue must collect the taxes so 
levied by the Auditor and extended by the County Clerk, and pay the 
same over to the State Treasurer, in the same manner as State funds 
collected by him, and— 

Fourth .—The State Treasurer must pay the interest on such bonds out 
of the funds there provided—at the same place, time and manner as State 
interest is paid by him. 

In order that these reasons may be fully understood, we insert 
the following extracts from the provisions of this act: 

“When the bonds of any county or city, to the amount ot twenty 
thousand dollars, shall be registered, the Auditor shall annually ascertain 
the amount of interest for the current year, due and accrued, and to accrue, 
against any county or city. On all such bonds so registered in this office, 
to which amount, where such bonds or securities provide for payment of 
five per cent, of the principal thereof annually, he shall add five per cent, 
of such principal thereof, and shall upon the basis of the cer¬ 
tificate of valuation of property transmitted to him, or, in case no such 
certificate shall be filed in his office, then upon the basis of the total 
State revenue of such county or city for the year next preceding or of 
the assessment appertaining thereto of such year’s estimate, and determine 








59 


[ 19 ] 

the rate per centum on the valuation of property within such county or 
city, requisite to meet and satisfy the same interest, or interest and prin¬ 
cipal, as the case may he, together with ordinary costs to the State of 
collection and disbursements of the same, to be estimated by the Audi¬ 
tor and Treasurer ; and shall make and transmit to the county clerk of 
such county, and to the officer or authority, whose duty it is, or shall 
be, to prepare the estimates and books for the collection of State taxes 
iu such county or city, a certificate stating such estimated requisite per 
centum for such purposes, to be filed in liis office; and the same per 
centum shall thereupon be deemed added to and a part of the per centum 
which is or may be levied, or provided by law, for purposes of State 
revenue, and shall be so treated by such clerk, officer or authority, in 
making such estimates and books for the collection of taxes, and the 
same taxes shall be collected with the State revenue, and all laws rela¬ 
ting to the State revenue shall apply thereto.” 

‘‘The State shall annually collect and apply the said fund to the sat¬ 
isfaction of the annual interest, or annual interest at five per centum of 
the principal, as the case may be, of such registered bonds of any such 
county or city, to the extent the same is herein contemplated to be de¬ 
rived from such tax in the same county or city, in the same manner as 
interest on the bonds of the State are or may be collected and paid, but 
in like moneys as shall be receivable in payment of State taxes.” 

“All laws relating to the payment of interest on the State debt, or 
the cancellation of evidences thereof, not inconsistent with this act, shall 
apply to the receipt, custody and disbursement of the taxes and fund 
provided by this act.” 

‘‘Upon maturity of any such registered bonds or securities, in case of 
non-payment thereof, by the county or city issuing the same, the holders 
thereof may cause the same to be registered in the office of the Auditor 
as matured and unsatisfied bonds, and thereupon, for the purpose of pro¬ 
viding for the payment of the principal of the same matured bonds, at 
the rate of five per cent, of such principal annually, and of interest 
thereon in arrear, and for the current or ensuing year to accrue, together 
with costs to the State and collection and disbursement as aforesaid, the 
same proceedings in all respects shall be had as is hereinbefore provided 
for payment of interest on such bonds, by collection in such county or 
city, and disbursement in the manner and upon the basis hereinbefore 
provided, of an annual tax sufficient for the purposes in this section con¬ 
templated ; and the same shall be collected and applied, as aforesaid, to 
such purpose from year to year, until full satisfaction thereof, when said 
bonds shall be collected and destroyed, as is hereinbefore provided.” 


[ 20 

The counties and towns issuing the bonds referred to, have 
been shown to possess ample resources for the prompt payment 
of both interest and principal, and furthermore, that the payment 
thereof is assumed and guaranteed by the State. An additional 
security is derived from the fact that since these bonds were 
authorized, a new constitution has been adopted by the State of 
Illinois, which prohibits counties and towns from contracting any 
debt in aid of railroad construction, so that there is no fear of the 
issuance of bonds in future beyond their ability to pay. 

We have no hesitation whatever in recommending these bonds 
as a perfectly safe investment, bearing a good rate of interest, pay¬ 
able semi-annually, while the bond itself is of such character as 
to be readily saleable at all times, in any money market in the 
country. 



THE FIRST MORTGAGE BONDS . 

Upon the whole line of road there may be issued $660,000 of 
bonds of the road, or $16,500 per mile, and no more. These 
bonds are secured by a first mortgage upon the entire road, its 
equipment and income. The bonds bear 7 per cent, interest, and 
are payable, principal and interest, in gold, in New York, on the 
first day of May and November. 

One-fourth of the line of the road is now completed from Tam- 
aroa, the junction with the Illinois Central road to Pinckney- 
ville, and the bonds for that portion are now on the market. Ad¬ 
ditional bonds will be Issued as the work progresses. 

We feel confident that the security for these Bonds is ample to 
make them a safe and profitable investment. The traffic which 
awaits the completion of the line is believed to be sufficient to 
meet the interest, and to provide the sinking fund for their final 
redemption. The coal companies, already organized, and only 
awaiting the completion of the road to Chester to commence oper¬ 
ations, have sufficient capacity to furnish a business to the road at 
once, sufficient for this purpose, and the impetus given to the in¬ 
dustry of the country traversed by the completion of the road, 
must largely increase every kind of business. 

Col. Foster estimates the demand for coal, from steamers alone, 
at Chester, at one thousand tons a day. This alone, at the mini- 


61 


[ 21 ] 

mum rate of fifty cents per ton, will meet all the running expenses, 
pay the interest on the first mortgage bonds, the sinking fund, 
and a small surplus for dividend on the stock. There is little 
doubt but that the other business will pay all operating expenses 
at the outset, leaving the coal traffic as net profit. If but one- 
half of Col. Foster’s estimate be realized, the security for the 
bonds is ample. 

The history of all well managed coal roads in this country goes 
to prove conclusively the profitable and reliable character of this 
trade. There are many instances where roads have been able in 
their first year to pay all operating expenses, the interest on their 
first mortgage bonds, and a dividend on their stock out of their 
coal traffic, and that too where their markets for coal were much 
more remote than they will be from this road. 

Besides this coal trade there is the business furnished by the 
products of two of the finest agricultural counties in the State of 
Illinois, producing heavy crops of grain, the great bulk of which 
must find its way to market over the Chester and Tamaroa road. 

We give in the appendix the Charter of the road, and a copy 
of the mortgage on which the bonds are issued. 

A sinking fund is provided for the payment of the bonds at 
maturity, which is ample for that purpose. 

Tamaroa, Ills. May 10, 1871. 


An Act to Incorporate the Chester and Tamaroa Coal and 
Railroad Company. 

Section 1.—Be it enacted by the people of the State of Illinois, 
represented in the General Assembly, That Andrew J. Bryden, H. E. 
Hosford, Dewitt C. Barber, Thomas M. Sams, William K. Murphy, 
Joel M. Sullivan. R. M. Davis, John H. Barber, Zebedee P. Curlee, 
Joseph P. Holmes, and John M. McCutcheon, and their associates, 
successors and assigns, be, and are hereby created, a body politic 
and corporate, under the name and style of the “ Chester and Tamaroa 
Coal and Railroad Company,” and by that name be, and they are 
hereby made, capable in law and in equity to sue and be sued, plead 
and be impleaded, defend and be defended, in any Court of law and 
equity in this State, to make, have and use a common seal, and*the 





[ 22 ] 

same to renew and alter at pleasure, and shall be and hereby are 
vested with all powers, privileges and immunities, which are or may 
be necessary to engage in mining, and to construct, complete and 
operate a Railroad, with a single or double track, commencing at 
Chester, in Randolph County, Illinois, thence running easterly on the 
most eligible route via Pinckneyville, in Perry County, Illinois, to 
Tamaroa, in said Perry County, and for this purpose, said Company 
are authorized to lay out their said Railroad, not exceeding one hun¬ 
dred feet in width through the whole length, and for the purpose of 
cuttings, embankments, stone or grade may take as much more land, 
as may be necessary fov the proper construction and security of said 
Railroad, and shall have power to extend the same to and connect 
with or cross over any other Railroad within the State of Illinois, 
and may make such lateral or branch road or roads, to any coal lands 
belonging to said Company, as they may deem necessary for the suc¬ 
cessful prosecution of their business, and said Company may enter 
upon and take possession of so much land as may be necessary for 
the construction and maintenance of said Railroad and branches, depots, 
side tracks, water stations, engine houses, machine shops, and other 
buildings and appendages, necessary for the construction and working 
of said Road, and in case said lands be not donated to said Com¬ 
pany for such purpose, it shall be lawful for said Company to pro¬ 
ceed to condemn said land as provided by the laws of this State, con¬ 
cerning right of way. 

Sec. 2.—The said Corporation may take and transport upon said 
Railroad, any person or persons, merchandise or other property, and 
may fix, establish, take and receive, such rate of toll, for any passen¬ 
gers and property transported upon the same, as the Directors shall, 
from time to time, establish, subject to such limitations and restrictions 
as are or may be provided by general law. 

Sec. 3.—The said corporation is hereby vested with power to pur¬ 
chase, hold and convey real and personal estate, to give and receive 
promissory notes, to enter into and carry on all kind of mechanical 
and manufacturing business, to erect mills, furnaces, founderies, facto¬ 
ries, and machine shops, for the manufacture of flour, lumber, iron cast¬ 
ings, machinery, farming utensils, and any other kind or description of 
article not forbidden by law, and may erect and build marine ways or 
dry docks; and use the same for the purposes of repairing and building 
boats, barges, or any other description of water craft; may buy, build 
and own boats, barges, or other vessels, and navigate the same, for the 
transportation of their coal, manufacture, or for other purposes. 


63 


[ 23 ] 

Sec. 4. —The. Capital Stock of said Corporation shall be One Million 
of Dollars, which may he increased to any sum no,t exceeding Five 
Million Dollars, to be divided into shares of one hundred dollars 
each, which is hereby declared personal property, and transferable on 
the books of the Company, in such manner as shall be prescribed by 
the By-Laws of said Corporation. 

Sec. 5.—It shall be lawful for said Company, from time to time, to 
borrow such sum or sums of money as may be necessary for completing 
and operating said Railroad, or for conducting their mining or manu¬ 
facturing business, and to issue and dispose of their bonds, in denom¬ 
inations of not less than one hundred dollars, bearing a rate of interest 
not exceeding ten per cent, per annum, for any amount so borrowed, 
and to mortgage the real and personal Estate of said Corporation or to 
convey the same by deed of trust, to secure the payment of any debt 
contracted by said Company for the purposes aforesaid. 

Sec. 6.—In the sale or mortgaging of the real and personal Estate 
of said Corporation, the conveyances shall be signed by the President 
and countersigned by the Secretary, under the Seal of the Corporation, 
and be acknowledged in the same manner as is provided by law for the 
acknowledging of Deeds. 

Sec. 7.—The atfairs of said Company shall be managed by a Board 
of eleven Directors, which may be increased to any number, not exceed¬ 
ing thirteen, a majority of whom shall constitute a quorum to do 
business, and Andrew J. Brydeu, H. E. Hosford. Dewitt C. Barber, 
Thomas M. Sams, William K. Murphy, Joe M. Sullivan, R. M. Davis, 
John II. Barber, Zebidee P. Curlee, Joseph B. Holmes, and John M. 
McCutcheon, are hereby appointed the first Board who shall hold their 
offices until their successors are elected and qualified in such manner 
as may be prescribed by the By-Laws of said Company; said Board 
shall have the power of electing one of their number President, and 
such other officers as may be prescribed by the By-Laws, and said Cor¬ 
poration shall be and is hereby vested with all the powers conferred 
upon Rail Road incorporations, by the general Rail Road Laws of the 
State of Illinois or any amendment thereto. 

Sec. 8. —This Act shall be a public act and take effect, and be in 
force from and after its passage.-' 

Approved , March Ath , 1869. 


[ 24 ] 


64 


UNI ^f„f K Office of Secretary. 

I, EDWARD RUMMER, Secretary of State of Illinois, 
do hereby certify that the foregoing is a true copy of an Act to incor¬ 
porate the Chester A Tamaroa Coal and Rail Road Company 
approved March 4th, 1869, now on file in this office. 

In Witness Whereof, I hereto set my hand and affix 
the Great Seal of State, at the city of Springfield, the 
4tli day of March, A. I). 1869. 

[Seal.] ‘ Signed. EIWARD RUMMEL, 

Secretary of State. 


[copy.] 

An Act supplemental to an Act to Incorporate the Chester a?id 
Tamaroa Coal and Itailroad Company * 

Section 1. Be it enacted by the people of the State of Illinois, 
represented in the General Assembly: 

That Section 3 of said Act, to which this Act is supplemental, be 
and the same is hereby repealed, and in lieu thereof, and the powers 
therein conferred, the said corporation shall have power to lease, pur¬ 
chase, and hold real estate along the line of their said road, and per¬ 
sonal property, and convey the same, so far as may be necessary to 
carry on the business of said corporation, and may, at any point or points 
along the line of their said railroad, manufacture iron or other minerals, 
and may establish, maintain, and operate machine shops and furnaces for 
the purposes aforesaid, and may mine coal, and establish such dock or 
docks at the terminus of their road, on the Mississippi River, as may 
be necessary to facilitate the transportation of their coal, iron, or other 
minerals. 

Section 2. This Act shall take effect from and after its passage. 
Approved, March 4th, 1869. 

United States of America, } 

State of Illinois. j Office of Secretary. 

I, Edward Rummel, Secretary of State of Illinois, do hereby certify 
that the foregoing is a true copy of “An Act supplemental to an Act to 
Incorporate the Chester and Tamaroa Coal and Railroad Company,” 
approved March 4th, 1869, now on file in this office. 

In Witness Whereof, I hereto set my hand and affix the 
Great Seal of the State, at the City of Springfield, this 
4th day of March, A. D. 1869. 

[seal.] Signed, EDWARD RUMMEL, 

Secretary of State. 




[ 25 ] 


65 


COPY OF MORTGAGE. 

THIS INDENTURE, made this twelfth day of April, in the 
year of our Lord eighteen hundred and seventy-one, between the 
Chester and Tamaroa Coal and Railroad Company, a 
Corporation chartered by the State of Illinois, party of the first 
part, and The Farmers’ Loan and Trust Company, a Cor¬ 
poration chartered by law in the State of New York, and having 
its office and place of business in the City of New York, party of 
the second part, witnesseth : 

That Whereas, at a meeting of the Board of Directors of 
said party of the first part, held at the office of said Company 
in Tamaroa, in the State of Illinois, on the 17th day of Novem¬ 
ber, A. D., 1870, the following resolutions were adopted, to-wit: 

I. Resolved, —“ That it is at this time expedient and neces¬ 
sary for this Company to borrow the sum of six hundred and sixty 
thousand dollars,, for the purpose of completing and operating its 
railroad, and for conducting its mining and manufacturing 
business.” 

II. Resolved further, —•“ That a series of Bonds, and a 
Mortgage or Deed of Trust to secure the same, be prepared under 
the superintendence of the President; which series of Bonds shall 
not exceed in the aggregate the sum of six hundred and sixty 
thousand dollars, and shall be for one thousand dollars each, bear¬ 
ing interest at the rate of seven per cent, per annum, payable 
semi-annually in gold coin; the principal money of said Bonds 
shall be made payable in gold coin to bearer, (subject to a 
privilege of registration of ownership as hereinafter mentioned,) 
on the first day of November, A. D., 1900, at The Farmers’ 
Loan and Trust Company, in the City of New York, or at 
such other place in said City, as this Company may appoint, and 
give five days’ notice of, by publication in some newspaper of 
said City; and the interest shall be made payable in gold coin, 
at the same place, or at such other place as said Company may 
appoint, and give five days’ notice of, by publication, as aforesaid, 
semi-annually, on the first days of May and November, suc¬ 
cessively, in each year, until the principal is paid, according to 
interest Coupons attached to said Bonds: said Bonds shall be 

D 



[ 26 ] 

consecutively numbered, beginning with number one, and shall, 
without reference to the order in which they are numbered, or the 
time they are issued, stand on an equality, and there shall be no 
priority as to lien or payment of one over the other; they shall be 
so made as to pass by delivery or by transfer on the books of the 
Company, in the City of New York, or at any other place 
which the Company may name for that purpose. The holder 
of any of said Bonds, may cause the ownership thereof to be 
registered on the transfer or other Books of the Company, in 
the City of New York, or other place, named as aforesaid, and 
after such registration of ownership, certified on said Bonds by 
the transfer Agent of the Company; no transfer, except on the 
Books of the Company, shall be valid unless the last transfer be 
to bearer, which shall restore transferability by delivery; but said 
Bonds shall continue subject to successive registrations and trans¬ 
fers to bearer, as aforesaid, at the option of each holder; and 
the interest Coupons attached to said Bonds shajl be payable to 
the registered holder of the Bond, or order, unless the said Bond 
is registered to bearer, in which case said Coupons shall be pay¬ 
able to bearer, said Bonds, prior to their issue, shall be signed 
by the President, and countersigned by the Treasurer, and the 
Coupons shall be evidenced by the signature of the Treasurer 
engraved thereon.” 

III. Resolved further, —“That a Mortgage or Deed of ‘ 
Trust be prepared, which shall be signed by the President, and 
countersigned by the Secretary, under the Corporate Seal of this 
Company, and be acknowledged in the same manner as is pro¬ 
vided by the laws of this State, for the acknowledging of Deeds, 
conveying to The Farmers’ Loan and Trust Company, 
a Corporation of the State of New York, the road of this Com¬ 
pany, as authorized by its Charter, commencing at Chester, in 
Randolph County, Illinois, thence running easterly via Pinck¬ 
ney ville, in Perry County, Illinois, to Tamaroa, in said Perry 
County, whether made or hereafter to be made, with the right 
of way, and all the real and personal property used or appro¬ 
priated for the operating and maintaining said road, whether now 
owned or hereafter to be acquired, and all the privileges and 
franchises of this Company, for the holding, operating and main- 


6 


[ 27 ] 

taining the same, together with the income arising from said road 
and property, and also all such other property of the Company as 
the President may see fit to include in said Mortgage by specifi¬ 
cally designating the same therein, (but excluding all the real 
estate and personal property of this Company, not so used or ap¬ 
propriated or specifically designated as aforesaid,) in trust, to 
secure the payment of said Bonds and interest Coupons, and upon 
such terms and with such provisions as the President of this Com¬ 
pany may, by executing said Mortgage or Deed, approve.” 

And Whereas, the said party of the first part, in pursuance 
of said resolutions, hath made and executed six hundred and sixty 
Bonds, of even date herewith, and of the numbers, form, denom¬ 
ination and character prescribed by the resolutions aforesaid, and 
hold the same to be authenticated and disposed of in accordance 
with the provisions and requisitions of said resolutions, and as 
authorized by law. 

Now, therefore, in further pursuance of said resolutions, and 
to the end and purpose of securing the punctual payment of the 
said six hundred and sixty Bonds, and each of them, to each and 
every person who may become the holder of the same, or any of 
them, with the interest thereon. This Indenture witnesseth: 

That the said Chester and Tamaroa Coal and Railroad 
Company, party of the first part, in consideration of all and singular 
the premises, and for the further consideration of one dollar, to it 
paid by the said Farmers’ Loan and Trust Company, party 
of the second part, at and before the ensealing of these presents, 
the receipt of which is hereby acknowledged, doth hereby grant, 
bargain, sell, enfeoff’, release, assign, and convey unto said party 
of the second part, and its assigns, or to any successor of it, in this 
trust, all and singular, the entire Railroad of this Company, as 
authorized by its Charter, commencing at Chester, in Randolph 
County, in the State of Illinois, thence running eastwardly by 
way of Pinckneyville, in Perry County, Illinois, to Tamaroa, in 
said Perry County, whether made or hereafter to be made, with 
the right of way, and all the real and personal property used or 
appropriated for the operating and maintaining said Railroad, 
whether now owned or hereafter to be acquired, and all the 
privileges and franchises of said party of the first part, or the 


holding, operating and maintaining the same, together with the 
income arising from said Railroad and property: Provided, how¬ 
ever, that the grant and conveyance aforesaid, shall not include, 
nor operate to transfer, nor be held to prohibit the party of the 
first part from selling and conveying, free from the lien of this 
instrument, any land which said party of the first part now owns, 
or may hereafter own, that is not used for any purpose incident 
to the management and operation of said Railroad, or for the re¬ 
pairs and maintenance of the same; nor be held to prohibit it 
from applying any money or personal property belonging to it, to 
the construction and repairs of said Railroad and its branches, or 
the appurtenances of either, or to carry on its mining business, or 
other current expenses, or to the purchase of the necessary equip¬ 
ment, tools and machinery, or the renewal thereof; and the Board 
of Directors may likewise lawfully distribute such net annual in¬ 
come or profits to Stockholders, after paying the interest on the 
Bonds aforesaid, as shall accrue beyond said interest. 

To have and to hold, the premises, interests, and rights, 
which pass, or are intended to pass by this conveyance, unto the 
said party of the second part, its successors and assigns forever. 
In trust, nevertheless, for the persons and corporations, and for 
the protection, benefit and security of the persons or corporations 
who shall hold the Bonds about to be issued by the said party of 
the first part, and for the enforcing of the stipulations of said 
party of the first part, in this behalf, in their true intent and mean¬ 
ing, whether contained in said Bonds, or interest warrants, or in 
this Deed ; and for the better assuring and confirming the title 
and power of the said party of the second part, and especially in 
relation to such property, interests, and rights, hereafter accruing 
to, or acquired by said party of the first part, and intended to 
pass by this conveyance, the said party of the first part hereby 
covenants with said party of the second part and its successors, 
or assigns, that at any time hereafter, and as often as may be 
required by the holder of the above granted estate, in trust; the 
said party of the first part will do such acts and make such 
further assurances in law as such Trustee shall, by counsel learned 
in the law, be reasonably advised, are necessary for, or tend to, 
the better carrying out of the object of the parties to this Deed. 


['29 ] 6 

/ 

In case default be made by said party of the first part, in pay¬ 
ment of any money, either principal or interest secured by this 
Mortgage, the said party of the first part hereby covenants and 
agrees with the said grantee, that within six months after such 
default shall have been made, the same default still continuing, it 
will, on demand of the Trustee for the time being, surrender to 
such Trustee, or to the Agent of such Trustee, the actual posses¬ 
sion of the herein granted and demised premises; and said Trustee 
shall have the right to inspect and take copies of any records, 
books or papers of said party of the first part. The expenses of 
taking, holding, and managing said property, if possession be 
taken, shall be paid from the income, and, if necessary, from the 
sale of such personal property as the Trustee may deem proper. 
And the said party of the first part doth herewith and hereby give 
its warrant of attorney, irrevocable, by which, in case of default 
by it, to make payment of any sum of money, either principal or 
interest secured by this Mortgage, for the period of six months 
after the same shall have become due and payable, it doth authorize 
any Attorney at law, or solicitor in Chancery, of the State of 
Illinois, after notice to it as hereinafter provided, to enter its ap¬ 
pearance without process, in any court or courts of competent 
jurisdiction, to any petition or petitions, bill or bills, filed by such 
Trustee for the time being, for the foreclosure and sale of the 
premises by this Deed granted and conveyed, or any part thereof, 
and, if requested by said Trustee, to consent on behalf of said 
party of the first part, that a receiver or receivers be appointed 
forthwith, by order of said court or courts, to take possession of 
said road, or any part thereof, and of all or any of the property, 
real or personal, hereby conveyed, and of all or any of the effects, 
books, business or papers, of said party of the first part, upon 
such terms, conditions and restrictions as said court or courts 
shall prescribe ; and further to consent that, a decree or decrees 
forthwith pass for the sale of the whole or any part of the 
premises hereby granted and conveyed, without appraisement, but 
under the direction of the Court, and to enter on behalf of said 
party of the first part, a stipulation not to appeal from said 
decree, and not to impede the execution thereof, by an application 
for a rehearing, or by a bill of review, or by other step to pro- 


cure delay : Provided, however, that said Trustee shall not de¬ 
mand the surrender of possession of said property, or file a bill 
for the foreclosure and sale of said premises, unless the same is 
requested, in writing, by holders of a majority in interest of said 
Bonds at their par value, nor shall any judgment, order or decree, 
as aforesaid, be made or rendered until after thirty days’ written 
notice of the time and place of applying for the same, shall first 
have been given to said party of the first part. 

And it is further agreed, by the party of the first part, 
that in case' it shall make default of the payment of its interest 

warrants, or any of them for the period of six-months, after 

demand of payment, after due, then the whole principal money 
named in said Bonds shall become due and payable. 

And it is further agreed, by said party of the first part, 
that the proceeds of the sale hereinbefore mentioned, shall be 
applied first, to paying said Trustee all reasonable charges and 
expenses, and to indemnify such Trustee from all liability as such; 
secondly, to paying the holders of said Bonds in full, or in equal 
proportions the principal and interest of said Bonds, and lastly, 
to pay the surplus, if any, to the members of said Coal and Bail- 
road Company, who hold stock at the time of the sale. 

It is hereby mutually agreed, by said parties, that 
said Trustee shall be responsible for gross negligence and willful 
default only; nor shall said Trustee be bound to take any other 
steps (unless at the option of such Trustee) touching the execution 
of this trust, which, in the opinion of such Trustee, is likely to 
involve it in expense or personal liability, unless some one or more 
of the Bondholders (as often as the Trustee shall deem necessary) 
shall give to said Trustee reasonable security and indemnity 
against such expenses and personal liability, anything hereinbefore 
contained to the contrary notwithstanding. 

In all cases in which the said Trustee may be required to act, 
it is hereby invested with full powers of arbitrament and of com¬ 
promise, and of appointing Agents and Attorneys to act in its 
hehalf. 

If after the acceptance of this trust, by the said Farmers’ Loan 
and Trust -Company, it shall refuse or be unable from any cause 



71 


[ 31 ] 

to discharge the duties of such Trustee, or upon the decease or in¬ 
ability to act of any other Trustee hereafter appointed by a Court 
of Equity as successor, any Court of competent jurisdiction is 
hereby authorized to appoint a Trustee or Trustees, in the place 
of such refusing, disabled or deceased Trustee or Trustees, on ap¬ 
plication by the holders of one-sixth of the number of said Bonds, 
and by decree or otherwise invest the corporation or persons so 
appointed, with the full estate, powers, rights, duties and obliga¬ 
tions of the present Trustee, and subject to the provisions and 
stipulations of this Indenture; and it is hereby declared that all 
the estate, trusts, powers r provisions, stipulations and conditions 
of this Indenture shall attach to and be executed by whomso¬ 
ever shall be appointed Trustee as aforesaid, in the same manner 
as by and to the said original Trustee, provided , however, never¬ 
theless, and these presents are upon the following express con¬ 
dition, that if the said party of the first part shall well and truly 
pay to the holders of the said Bonds, the several and respective 
sums of money and interest due and accruing on the day, and 
according to the conditions therein expressed, then and thence¬ 
forth this Indenture and the estate hereby granted shall become 
void. 

In Witness Whereof, the said Chester and Tamaroa 
Coal and Railroad Company, hath caused its corporate Seal 
to be hereto affixed, and these presents to be signed by Dewitt 
C. Barber, its President, and to be countersigned by Zebedee 
P. Curlee, its Secretary, (duly authorized by the resolutions 
hereinbefore recited) on the day and year first hereinbefore written. 

D. C. BARBER, President , 

Of the CHESTER AND TAMAROA COAL AND RAILROAD COMPANY. 

Countersigned by 

ZEBEDEE P. CURLEE, Secretary. 

SIGNED, SEALED, ACKNOWLEDGED AND 
DELIVERED IN PRESENCE OF 






0 021 935 079 A 


[ 32 ] 


The State of Illinois, \ 

County of Perry, j ‘ * 

Be it known, that on the 12th clay of April, in the year of 
our Lord eighteen hundred and seventy-one, before me, the 
undersigned, a Notary Public, within and for the State and 
County aforesaid, duly commissioned and qualified, came the 
Chester and Tamaroa Coal and Railroad Company, by 
Dewitt C. Barber, its President, and Zebedee P. Curlee, its Secre¬ 
tary, and acknowledged the signing and sealing of the foregoing 
Mortgage, or Deed of Trust, to be its voluntary act and deed, 
and the said Dewitt C. Barber and Zebedee P. Curlee, to me per¬ 
sonally known, being by me duly sworn, respectively say that 
they are respectively the President and Secretary of the said 
Chester and Tamaroa Coal and Railroad Company, that 
the seal affixed to the foregoing instrument is the Corporate Seal 
of said Company, and that the same was so affixed by authority 
of the Board of Directors of said Company, and that they respec¬ 
tively signed their names to said instrument as President and 
Secretary by like authority, and thereupon they severally ac¬ 
knowledged the signing and sealing of said instrument, to be also 
their voluntary act and deed, as such President and Secretary. 

In Witness Whereof, I have hereto set my hand and 
Notarial Seal the day and year first above written. 

The Farmers’ Loan and Trust Company, a Corporation 
of the State of New York, hereby acknowledges the delivery to 
it of the foregoing instrument, and the acceptance of the trusts 
therein named. 

In Witness Whereof, it has caused its Corporate signature 
and seal to be hereto attached, by R. G. Rolston, its President, 
thereto duly authorized, this-day of-A. D., 1871. 


(LS.) 


The Farmers’ Loan and Trust Company, 

By R. G. Rolston, President . 





